Fees paid to one or more of the trustee, custodian, administrator, investment manager
(including fees based on fund performance, if any) and sponsor or promotor of a scheme
for providing their services to the fund. Generally, these fees are paid out of the Constituent Fund (i.e. management fees payable at CF level).
Constituent Funds (CF) that are invested in Approved Pooled Investment Funds (APIF) and other permissible investment funds may be subject to fees and charges of those underlying funds (i.e. management fees payable at APIF level). Depending on the actual fee structure, fees and charges payable at Constituent Fund and/or underlying funds may be combined (i.e. management fees payable at CF & APIF levels) or disclosed separately in the Fee Table of a scheme.
Management Fee for a DIS Constituent Fund can only be charged as a percentage of the net asset value of the fund and be subject to a statutory daily limit equivalent to 0.75% per annum of the net asset value of the fund which applies across both the fund and underlying funds.
For some MPF Conservative Funds, fees are charged by way of deduction of units in the members' account. Please click here for further details.